What’s wrong with this property

ReadySteadyPop

Emmia said:

Ybe said:

Emmia said:

It's a one bed with that horrendous kitchen/lounge/diner combo. I think one beds are hardest to sell, as many people want a second bedroom to work in if they work from home.

If one with the same layout (and presumably in similar condition) sold for ~£20k less recently, it's probably still overpriced.

They all sold as a new build 5 or so years ago for over 400k, some well over. But I guess new builds tend to be overpriced and the market has cooled since then. 

5 years ago was pre pandemic? I'd say one beds are much less desirable now as people work at home more and often want a separate space for that.

I know of a zone two, one bed flat on at £300k,  no cladding issues and a 3 minute walk to a well connected tube station with a frequent service that's had no offers, and limited viewings. 

WFH for most people won`t work out, big banks etc. want the bulk of their workforce in the office, these flats are just ridiculously overpriced, that is what it boils down to, the flat under discussion is reducing price so at least the sellers understands that much about the current market for flats.

arthurdick

The flat is not for me, too expensive for that far out.
On the Street view, I wonder if they asked the bloke in the blue shirt, standing outside the station,if he wanted to buy it.

ReadySteadyPop

arthurdick said:

The flat is not for me, too expensive for that far out.
On the Street view, I wonder if they asked the bloke in the blue shirt, standing outside the station,if he wanted to buy it.

Too expensive for many people now, there has been massive overbuilding of this sort of basic flat type in London and now that demand has dropped sellers are feeling the pinch.

Smalltownhypocrite

The flat market has stalled/crashed... especially in London. 

Everything has hit the ceiling, the ladder concept is not tenable, leasehold, fees, stamp duty are extortionate and stricter laws and worries after grenfell have put people off which means resale will be harder and possibly result in loss as the demand falls. Most are looking for more long term or permanent homes that are freehold instead.

Albermarle

Smalltownhypocrite said:

The flat market has stalled/crashed... especially in London. 

Everything has hit the ceiling, the ladder concept is not tenable, leasehold, fees, stamp duty are extortionate and stricter laws and worries after grenfell have put people off which means resale will be harder and possibly result in loss as the demand falls. Most are looking for more long term or permanent homes that are freehold instead.

Although where I live ( on the fringes of London/M25) there are a number of empty offices that have been converted/ are being converted to one bed flats. So must be a market for them. Maybe flats in converted offices are cheap ?

ReadySteadyPop

Albermarle said:

Smalltownhypocrite said:

The flat market has stalled/crashed... especially in London. 

Everything has hit the ceiling, the ladder concept is not tenable, leasehold, fees, stamp duty are extortionate and stricter laws and worries after grenfell have put people off which means resale will be harder and possibly result in loss as the demand falls. Most are looking for more long term or permanent homes that are freehold instead.

Although where I live ( on the fringes of London/M25) there are a number of empty offices that have been converted/ are being converted to one bed flats. So must be a market for them. Maybe flats in converted offices are cheap ?

 Likely corporate owners who took a massive hit on commercial space trying to claw something back, be interesting to see how many sell, maybe companies will buy lots of them for putting staff up on business trips instead of paying for hotels?

ReadySteadyPop

Smalltownhypocrite said:

The flat market has stalled/crashed... especially in London. 

Everything has hit the ceiling, the ladder concept is not tenable, leasehold, fees, stamp duty are extortionate and stricter laws and worries after grenfell have put people off which means resale will be harder and possibly result in loss as the demand falls. Most are looking for more long term or permanent homes that are freehold instead.

Hasn`t been tenable for some time, only super low interest rates were keeping the illusion alive.

GDB2222

Emmia said:

Ybe said:

Emmia said:

It's a one bed with that horrendous kitchen/lounge/diner combo. I think one beds are hardest to sell, as many people want a second bedroom to work in if they work from home.

If one with the same layout (and presumably in similar condition) sold for ~£20k less recently, it's probably still overpriced.

They all sold as a new build 5 or so years ago for over 400k, some well over. But I guess new builds tend to be overpriced and the market has cooled since then. 

5 years ago was pre pandemic? I'd say one beds are much less desirable now as people work at home more and often want a separate space for that.

I know of a zone two, one bed flat on at £300k,  no cladding issues and a 3 minute walk to a well connected tube station with a frequent service that's had no offers, and limited viewings. 

Rightmove lists 200 flats at exactly £300k in zone 2.

https://www.rightmove.co.uk/property-for-sale/find.html?maxPrice=300000&index=0&sortType=2&channel=BUY&transactionType=BUY&locationIdentifier=REGION^93814&minBedrooms=1&maxBedrooms=1&propertyTypes=flat&displayLocationIdentifier=Zone-2-93814&minPrice=300000

GDB2222

Albermarle said:

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

There's a small Waitrose 200-300m away, at 326 Regents Park Rd, London N3 2LN.   So, all is not lost!


 

Section62

GDB2222 said:

Albermarle said:

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

There's a small Waitrose 200-300m away, at 326 Regents Park Rd, London N3 2LN.   So, all is not lost!

You've crossed the tracks into Church End there though.